- Delivered strong year-over-year growth in Asia-Pacific and Emerging Markets, led by outstanding performance in China, and added new capabilities to support growth opportunities in China, South Korea and the Middle East.

"We're pleased to deliver an excellent 2017, with a very strong finish in the fourth quarter that capped off another outstanding year," said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. "Our performance demonstrates the continued success of our proven growth strategy and great execution by our teams.

"Among the highlights of 2017, we launched innovative new products in our key technology platforms, and enabled breakthroughs in proteomics, genetic analysis and structural biology. We continued to leverage our industry-leading scale to deliver strong performance in high-growth emerging markets, particularly China, India and South Korea. It was also a very active year for strategic M&A. We significantly enhanced our value proposition with the addition of Patheon's leading services offering for pharma and biotech customers."

Casper concluded, "We're in an excellent position as we begin 2018, and we're energized about our prospects for the future."

GAAP diluted EPS in the fourth quarter decreased to $1.30, versus $1.59 in the same quarter last year, due to the one-time tax provision previously noted. GAAP operating income for the fourth quarter of 2017 grew to $0.96 billion, compared with $0.75 billion in the fourth quarter of 2016. GAAP operating margin increased to 15.8%, compared with 15.2% in the fourth quarter of 2016.

Non-GAAP Earnings Results

Adjusted EPS in the fourth quarter of 2017 increased 16% to $2.79, versus $2.41 in the fourth quarter of 2016. Adjusted operating income for the fourth quarter of 2017 grew 18% compared with the year-ago quarter. Adjusted operating margin decreased 80 basis points to 24.0%, compared with 24.8% in the fourth quarter of 2016.

Full Year 2017

Revenue for the full year grew 14% to $20.92 billion in 2017, versus $18.27 billion in 2016. Organic revenue growth was 5%; acquisitions increased revenue by 9% and currency translation increased revenue slightly.

GAAP Earnings Results

GAAP diluted EPS for the full year increased to $5.59, versus $5.09 in 2016. GAAP diluted EPS in 2017 reflects the one-time tax provision. GAAP operating income for 2017 grew to $2.97 billion, compared with $2.45 billion a year ago. GAAP operating margin was 14.2% in 2017, compared with 13.4% in 2016.

Non-GAAP Earnings Results

Adjusted EPS for the full year rose 15% to $9.49, versus $8.27 in 2016. Adjusted operating income for 2017 grew 15% compared with 2016, and adjusted operating margin expanded 10 basis points to 23.2%, compared with 23.1% a year ago.

Annual Guidance for 2018

The company will provide 2018 financial guidance on its earnings conference call this morning at 8:30 a.m. Eastern time.

Segment Results

Management uses adjusted operating results to monitor and evaluate performance of the company's four business segments, as highlighted below. Since these results are used for this purpose, they are also considered to be prepared in accordance with GAAP.

Life Sciences Solutions Segment

In the fourth quarter of 2017, Life Sciences Solutions Segment revenue grew 11% to $1.58 billion, compared with revenue of $1.42 billion in the fourth quarter of 2016. Segment adjusted operating margin increased to 35.6%, versus 32.9% in the 2016 quarter.

For the full year 2017, Life Sciences Solutions Segment revenue rose 8% to $5.73 billion, compared with revenue of $5.32 billion in 2016. Segment adjusted operating margin increased to 33.1% in 2017, compared with 30.0% a year ago.

Analytical Instruments Segment

Results for the Analytical Instruments Segment reflect the acquisition of FEI Company in September 2016. Segment revenue grew 16% to $1.41 billion in the fourth quarter of 2017, compared with revenue of $1.22 billion in the fourth quarter of 2016. Segment adjusted operating margin was flat at 24.5%.

For the full year 2017, Analytical Instruments Segment revenue rose 31% to $4.82 billion, compared with revenue of $3.67 billion in 2016. Segment adjusted operating margin grew to 21.3%, versus 20.3% in 2016.

Specialty Diagnostics Segment

Specialty Diagnostics Segment revenue grew 10% to $0.91 billion in the fourth quarter of 2017, compared with revenue of $0.83 billion in the fourth quarter of 2016. Segment adjusted operating margin was 26.5%, versus 27.2% in the 2016 quarter.

For the full year 2017, Specialty Diagnostics Segment revenue grew 4% to $3.49 billion, compared with revenue of $3.34 billion in 2016. Segment adjusted operating margin was 26.7%, versus 2016 results of 27.2%.

Laboratory Products and Services Segment

Laboratory Products and Services Segment results reflect the acquisition of Patheon in late August 2017. In the fourth quarter of 2017, segment revenue grew 43% to $2.40 billion, compared with revenue of $1.68 billion in the fourth quarter of 2016. Segment adjusted operating margin was 12.5%, versus 14.0% in the 2016 quarter.

For the full year 2017, Laboratory Products and Services Segment revenue grew 16% to $7.83 billion, compared with revenue of $6.72 billion in 2016. Segment adjusted operating margin was 12.9%, versus 14.4% in 2016.